Conagra Brands (NYSE:CAG) Hits New 1-Year Low - Here's What Happened

Conagra Brands (NYSE:CAG - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $20.23 and last traded at $20.40, with a volume of 830726 shares changing hands. The stock had previously closed at $20.41.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Evercore ISI reduced their price objective on shares of Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a research report on Friday. Stifel Nicolaus reduced their price objective on shares of Conagra Brands from $26.00 to $21.00 and set a "hold" rating on the stock in a research report on Friday. The Goldman Sachs Group cut shares of Conagra Brands from a "neutral" rating to a "sell" rating and dropped their target price for the company from $26.00 to $21.00 in a report on Monday, June 9th. Royal Bank Of Canada dropped their target price on shares of Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a report on Friday. Finally, Wells Fargo & Company dropped their target price on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Conagra Brands currently has a consensus rating of "Hold" and an average price target of $22.82.

Conagra Brands Stock Down 1.9%

The company has a current ratio of 0.69, a quick ratio of 0.23 and a debt-to-equity ratio of 0.71. The firm has a market cap of $9.12 billion, a P/E ratio of 28.13, a PEG ratio of 1.55 and a beta of 0.11. The company's 50 day simple moving average is $22.04 and its 200-day simple moving average is $24.53.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its earnings results on Thursday, July 10th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.05). The company had revenue of $2,781,800 billion for the quarter, compared to the consensus estimate of $2.88 billion. Conagra Brands had a net margin of 2.80% and a return on equity of 12.94%. Conagra Brands's revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.61 EPS. Research analysts forecast that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 7.33%. The ex-dividend date of this dividend is Wednesday, July 30th. Conagra Brands's payout ratio is currently 205.88%.

Institutional Investors Weigh In On Conagra Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Conagra Brands during the fourth quarter valued at approximately $168,877,000. Ameriprise Financial Inc. raised its position in shares of Conagra Brands by 233.7% during the first quarter. Ameriprise Financial Inc. now owns 5,985,256 shares of the company's stock valued at $159,625,000 after buying an additional 4,191,555 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Conagra Brands during the fourth quarter valued at approximately $110,704,000. Dimensional Fund Advisors LP raised its position in shares of Conagra Brands by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,162,251 shares of the company's stock valued at $217,686,000 after buying an additional 2,702,407 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Conagra Brands by 33.9% during the fourth quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company's stock valued at $225,746,000 after buying an additional 2,058,000 shares during the last quarter. Institutional investors own 83.75% of the company's stock.

About Conagra Brands

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.